Binance will list Solv Protocol’s native token SOLV on Jan. 17 after airdropping the token on its Megadrop platform.
In a Jan. 6 announcement, Binance revealed that spot trading for SOLV, the native token for Solv Protocol (SOLV), on Jan. 17 at 10:00 UTC, offering trading pairs with USDT, BNB, FDUSD, and TRY.
Upon listing, the token’s circulating supply would be 1,482,600,000 SOLV tokens, which represents 17.65% of the token’s genesis supply of 8,400,000,000 SOLV and 15.35% of the maximum supply of 9,660,000,000 tokens.
The platform first announced its plans to list SOLV on Dec. 30, explaining that it would be the first exchange to list the token. It also warned that any platform claiming to list or offer SOLV tokens before the official launch timeline is engaging in false advertising.
Before the spot listing on the global exchange, Binance will host an airdrop event on Jan. 7 at 00:00 UTC via Binance Megadrop—the exchange’s token launch platform that integrates Binance Simple Earn and Binance Wallet.
It provides users with early access to select Web3 projects, allowing them to complete engaging tasks and earn points, which can then be redeemed for token airdrops before their listing on Binance.
As part of the Megadrop rewards, 588,000,000 SOLV tokens will be distributed among eligible Binance users until Jan. 16, a day before the token will be listed.
Participants in Megadrop can earn rewards by subscribing to BNB Locked Products or completing various tasks, which Binance refers to as quests, on Solv Protocol to score points, which will then determine their reward allocation. To maximize their rewards, Binance urges users to fulfil both requirements.
Launched in 2020, Solv Protocol is a Bitcoin staking platform that plans to develop a Bitcoin-native financial ecosystem by offering staking opportunities to holders of the leading digital asset, which currently has a market cap approaching $2 trillion.
The project has been backed by Binance Labs and other notable VC firms, including Nomura’s Laser Digital, Blockchain Capital, and OKX Ventures, among others, in a $11 million strategic funding round held in October last year.
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